NAPLES, FLA. — The owner of such radio stations as “98.5 The Sports Hub” in Boston, WCSX and WRIF in Boston, and WMMR and WMGK in Philadelphia will move ahead with a reverse stock split in a bid to regain Nasdaq minimum trading requirements.
What’s the ratio it is going with?
Beasley Media Group, which trades under its former operating name Beasley Broadcast Group Inc., will move ahead with a 1-for-20 split of “BBGI,” effective September 23.
This effects both Beasley’s Class A Common Stock and Class B Common Stock.
Shareholders approved a reverse stock split, but not the specific ratio, on August 26.
“The reverse stock split is being conducted to regain compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market,” Beasley said early Thursday.
Shares of Beasley’s Class A Common Stock are expected to begin trading on a split-adjusted basis on Nasdaq on September 24.
No fractional shares of common stock will be issued in connection with the reverse stock split. Holders of common stock who would otherwise receive a fractional share of common stock pursuant to the reverse stock split will receive cash instead.
Immediately after the reverse stock split, each stockholder’s percentage ownership interest in the company and proportional voting power will remain unchanged, except for minor changes that will result from the treatment of fractional shares.
Equiniti Trust Company LLC is acting as transfer and exchange agent for the reverse stock split.
Registered stockholders who hold shares of common stock in book entry are not required to take any action to receive split-adjusted shares.
Stockholders who own shares via a broker, bank, trust or other organization will have their positions automatically adjusted to reflect the reverse stock split, subject to such organization’s particular processes, and will not be required to take any action in connection with the reverse stock split.
Registered stockholders of certificate(s) representing common stock prior to the effective date will receive a Letter of Transmittal from the exchange agent to trade in their certificate(s) for new certificate(s).
Beasley shares in pre-market trading were at $0.5245. They have not finished a trading session at or above $1 within the last 12 months. In fact, it was in mid-August 2023 that “BBGI” was solidly above the $1 mark at the closing bell on Nasdaq.
